Toyota's recent sales report for the initial quarter of 2024 indicates a significant decline in the hype surrounding the Supra since its debut. The company managed to sell only 484 units of the sports car during the first three months of the year, marking a staggering 44.4 percent decrease compared to the same period in the previous year, when sales reached 871 coupes.
The downward trend in Supra sales has been evident since its peak in 2021 when 6,830 units were sold. Subsequently, sales dropped to 4,952 in 2022 and further plummeted to 2,652 in 2023. Unfortunately, this year seems to follow the same trajectory. Notably, this quarter marks the first instance where sales of Toyota's coupe fell below those of the revamped Nissan Z. The Z experienced a 44.0 percent surge in sales during Q1 2024, rising from 466 to 671 coupes compared to the same period in 2023.
The Nissan Z, slightly cheaper than the Supra starting at $43,450 including destination charges, boasts a 400-horsepower twin-turbocharged 3.0-liter V-6 engine paired with a manual transmission. Conversely, the Toyota Supra begins at $47,535, inclusive of the $1,095 destination charge, featuring a 2.0-liter engine producing 255 hp and 295 pound-feet of torque, coupled with an eight-speed automatic transmission.
Toyota has expanded the Supra lineup since its launch in 2020, including the introduction of a manual transmission option for the turbocharged 3.0-liter inline-six models in 2023, which failed to halt the declining sales trend. Additionally, the automaker unveiled the 45th Anniversary Edition for 2024, positioned at the top of the Supra lineup with a price tag of $66,370, offering special Mikan Blast paint, 19-inch black wheels, and an adjustable rear wing.
Conversely, the outlook for Toyota's other sporty option, the GR86, appears more optimistic, with sales increasing by 0.1 percent in Q1 2024, rising from 2,031 to 2,041 units.
Notably, the standout performer in Toyota's lineup is the Prius, with sales experiencing a remarkable year-over-year surge of 138.6 percent in the first quarter of 2024, amounting to 13,327 units sold compared to 5,586 units in 2023. This surge underscores the enduring popularity of hybrids, signaling that they are far from being overshadowed by electric vehicles (EVs).
In comparison, sales of the all-electric Toyota bZ4X reached 1,897 units during the same period, marking an 11.7 percent increase, albeit still significantly lower than Prius sales. Its upscale counterpart, the Lexus RZ, recorded 1,603 sales. Despite the modest increase, Toyota managed to sell 3,500 EVs at a time when the industry anticipated a surge in fully electric cars. However, Toyota's relatively cautious approach towards EV production is reflected in the lukewarm reviews received by both the bZ4X and RZ.
Overall, Toyota Motor North America has experienced a 20.3 percent increase in sales this year, driven by notable gains in models such as the Prius, RAV4, Corolla, and Corolla Cross, all available as hybrids. The Camry continues to perform well with an 18.6 percent year-over-year increase, totaling 78,337 sales. Additionally, the Tundra witnessed a robust 31 percent increase in sales, amounting to 36,215 units sold, including a hybrid trim.
The success of the Prius highlights the competitive edge of hybrids over EVs, with its practical 44 miles of all-electric range in the Prius Prime and the exhilarating 220 horsepower, attracting consumers away from exclusive EV options.
As the market dynamics between hybrids and EVs unfold throughout the year, Toyota stands to benefit from the enduring popularity of hybrids, potentially leading to a remarkable sales year if current trends persist.